X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GLENDALE, CA-The Lexington, a 22-story office tower formerly known as 500 N. Brand, has landed eight new leases for new and existing tenants who have signed commitments for 90,000 sf of space in deals valued at $12.5 million. The new deals follow a repositioning program by ING Clarion Partners, owner of the nearly 420,000-sf building.

Michael Weiner of DAUM Commercial Real Estate Services, who is spearheading the leasing efforts for the property, describes the new tenants as a broad variety of local, regional and national firms. The largest of them is Employers Compensation Insurance, which signed a renewal for 50,400 sf and was represented by Shaun Stiles of Colliers International. The others signed leases ranging from 2,850 sf to 9,800 sf.

Annie Kodak, senior vice president and asset director with ING Clarion, credits the repositioning of 500 N. Brand as a major factor in the new leases. According to Kodak, the Lexington was the “busiest building on the boulevard” during the first quarter of 2007, tallying the highest volume of leasing activity in the Glendale submarket.

During the first quarter, the Lexington increased its occupancy rate from 73% to 80% and is negotiating prospective leases that could push occupancy to more than 90% in the second quarter, according to Kodak. In addition to officially changing the property’s name to the Lexington in January, other elements of the repositioning include a remodeled lobby, a café with outdoor seating and a more prominent location for the building’s signature bronze stallions.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.